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A south facing villa in Los Monteros, Marbella, Spain, a 100 metres from Beach. 6 beds, 6 baths, basement, pool, solarium. Recent bank valuation 2.1 million. Asking price 1.5 million.

Second Overseas and Irish Property Auction to take place in Citywest Hotel, Dublin, Sunday 29th March, 2009.

The first of many property auctions hosted by Ann Collins of PropertyAuction.ie took place in the City West hotel on Thursday 29th Jan. Buyers, sellers, investors and holiday home seekers packed out the auction room which seated 250 people.

Liz O'Kane from House Hunters and House Hunters in the Sun (RTE) opened the night commenting 'that in challenging times it is great to see positive action and solutions being offered to help people sell their properties'. Liz added 'when the price is right there will always be a buyer or investor ready to purchase and where better to bring these people together than the platform of an auction room, where business will inevitably be done after the auction procedures.'

Help was also on hand from Tom McGrath Solicitors, IFG Mortgages, and International Tax Consultants. The auctioneer on the night was Aidan Heffernan of Heffernan estates.

The tension in the room was palpable as the first of 56 properties came up. With television news cameras present it became clear that those wanting to bid would not, as having their faces on camera was not on their agenda. The property auction administration team also confirmed that many bidders were uncomfortable having seen the television cameras, and instead waited till the end of the evening to speak with Ann Collins directly about the property they were interested in. By auction end there were 5 properties under offer and 1 sale on the night. Happily a 10% sales uptake.

Property Auction have managed to get the message across about their mission to match buyers willing to sell at discounted prices to savvy investors and speculators who are always in the market looking for bargains. And this was confirmed by over 250 people who turned up on the night in search of bargains and more importantly the 100's of calls receive by Property Auction the following day.

As of March 6th, 2009, 2 properties are sold following inspection trips and a further 8 properties are under offer and 10 inspection trips arranged in the coming weeks. Property Auction is busy sourcing more overseas property on behalf of buyers contacting them daily with specific requirements. New property listings being uploaded to the website are coming via developers and overseas banks and these are generally in Spain, USA and Ireland.

For the next auction, Property Auction has decided to host an auction day. This means that buyers can get full information on a one to one basis on the property that interests them and then bid privately. Any offer reaching the reserve price will automatically be accepted and the buyer has 7-10 days to do the due diligence. All private offers that do not reach the reserve price will be put to the vendor for further negotiation between both parties.

Property Auction principal Ann Collins says, 'by formatting the auction this way our buyers can still get their bargain property without everyone knowing their business, or bidding in public'. Also, vendors are more willing to sell at lower prices in the knowledge that their business is strictly confidential' and not in the public arena.

The next Property Auction will be held in the City West Hotel, Dublin, Sunday, 29th March from 10am to 6 pm. All welcome. Admission is Free
See www.propertyauction.ie for a detailed list of properties for sale

Further information please call
Ann Collins
Overseas Property Auction
Tel: 046 9430823 01 6530766
E-mail: info@propertyauction.ie
www.PropertyAuction.ie

or

Mary FitzGerald
PR Consultant -Overseas Property Auction
Tel: 01-669 4759. Mobile: 086-2520181
E-mail: info@maryfitzgeraldpr.ie

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